Paying debt on time and in full has the greatest positive impact on your credit score. Late payments, judgments and charge-offs all have a negative impact. Delinquencies that have occurred in the last two years carry more weight than older items.When it comes to collections, there is a general rule of thumb. Any collections within two (2) years should be paid off. Any outside … (0 comments)
joshua lerette: Your Credit Score - What It Means to You as a Prospective Home Buyer Part II - Why Your Credit is So Important
- 05/22/09 05:38 AM
The credit scoring model seeks to quantify the likelihood of a consumer to pay off debt without being more than 90 days late at any time in the future. Credit scores can range between a low score of 300 and a high score of 850. The higher the score, the better it is for the consumer, because a high credit score translates into a low interest rate. This can save literally thousands of dollars in financing fees over the life of the loan. Only one out of 1,300 people in the United States have a credit score above 800. These are … (0 comments)
The subject of credit scoring has become an increasingly hot topic, and for good reason. For many years, the general public only associated the concept of credit scoring with the need to purchase high-ticket items such as a new car or a home. Today, credit scoring goes much further. Your credit score can affect your ability to get a good rate on commodities such as car insurance, cell phones, or even determine whether or not you get the job or promotion that you want and deserve. Indeed, the financial snapshot provided by the credit score has also become a … (0 comments)
Credit scores arecomprised of five factors. Points are awarded for each component, and a high score is most favorable. The factors are listed below in order of importance.
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